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Best Forex Brokers in Portugal 2021

FX Empire Editorial Board
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If you are based in Portugal, lucky you! But if you’re looking for a broker that deals with Portuguese traders then you will need our help. We have carried out research into all of the brokers that serve your market, and come up with a list of the very best of these brokers, based on their reliability, superior product and excellent service. Here’s our list.

The brokers below represent the best forex brokers for trading in Portugal.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
FP Markets
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, WebTrader

2005

DMA, ECN, No dealing desk, STP

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Your capital is at risk

Iron FX
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Your capital is at risk

ASIC, CySEC, FCA

$100

1:1000

MT4

2010

Bank, ECN, STP

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Your capital is at risk

OBR Investments Limited
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CySEC

$250

1:30

MT4, Proprietary

2012

STP

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

IC Markets
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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

ASIC, CySEC, FSA(SC)

$200

1:500

cTrader, MT4, MT5

2007

ECN, No dealing desk

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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Plus500
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72% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

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72% of retail CFD accounts lose money

eToro
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67% of retail CFD investors lose money

ASIC, CySEC, FCA, MiFID

$200

1:30

eToro Platform

2007

Market Maker, No dealing desk, STP

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67% of retail CFD investors lose money

BDSwiss
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This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

BaFin, CySEC, FSA(JP), FSC, NFA

$100

1:30

MT5, Proprietary, WebTrader

2012

Market Maker, STP

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This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of The Best Forex Brokers for trading in Portugal:

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

FP Markets is the brokerage arm of First Prudential Markets Pty Ltd, an Australian firm that was established in 2005. In over 14 years of brokerage operations, FP Markets has grown to become a foremost online forex and CFD broker.

The Head Office is located in Sydney, Australia. The brand has won multiple industry awards in areas like; customer service, trader education and trade execution.

Pros: Cons:
  • 10,000+ tradable assets
  • Choose between 3 trading platforms
  • Competitive spread pricing on raw account
  • High spreads on the standard account
  • A range of possible additional fees
  • AU $200 minimum opening balance

IronFX

Regulated By:ASIC, CySEC, FCA

Foundation Year:2010

Headquarters:Iapetou 2 ag. athanasios, Cyprus

Min Deposit:$100

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Your capital is at risk

IronFX was founded in 2010 and is a trade name of Notesco Limited which is a company registered in Bermuda. Accounts can be opened with the non-regulated entity located in Bermuda, or with the broker’s regulated entity from the UK Financial Conduct Authority – depending on the user’s geographical location. This review is based on www.IronFX.com/en which is the non-regulated arm.

Users are offered 7 different types of trading accounts. The Micro, Premium, VIP and Zero Fixed accounts offer a blend of live floating or fixed spreads. The No Commission, Zero Spread and Absolute Zero accounts offer ECN/STP trading. Across the different account types, users are offered a blend of commission-free and commission-based trading with a maximum leverage of 1:1000, 1:200 or 1:500 depending on the account chosen.

The broker offers users the ability to trade on more than 200+ financial instruments covering Forex, Metals, Indices, Commodities, Futures and Shares, on the globally-recognised MetaTrader 4 trading platform for PC, Mac, Web, Android and iOS operating systems. IronFX also offers free VPS hosting, subject to terms and conditions, as well as a copy trading facility called AutoTrade via myFXbook.

Pros: Cons:
  • Free access to Trading Central technical analysis platform.
  • Maximum leverage of up to 1:1000 available on certain accounts.
  • 200+ markets to trade on covering Forex, Metals, Indices, Commodities and Shares.
  • Not regulated or licenced by any financial body (Bermuda based).
  • No MetaTrader 5.

OBR Invest

Regulated By:CySEC

Foundation Year:2012

Headquarters:12 Archiepiskopou Makariou Avenue III, Office No. 201, ZAVOS KRISTELLINA TOWER, 4000 Limassol, Cyprus

Min Deposit:$250

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

OBRinvest, a brand operated by OBR Investments Limited, is a CFD broker authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), providing the ability to trade on more than 300+ financial CFD instruments covering Forex, Stocks, Indices, Commodities, ETFs and Cryptocurrencies, from its own Webtrader platform and the globally recognised MetaTrader 4 platform.

Users can choose from four account types – Basic, Gold, Platinum and VIP as well as a demo account. All accounts offer commission-free trading with low spreads. The broker does not charge any deposit fees and there is a range of funding methods available that include debit/credit card, bank wire, Skrill and Neteller and more. However, withdrawals incur a 3.5% charge for debit/credit cards and a 30 EUR charge for bank wires.

Pros: Cons:
  • CySEC regulated.
  • Zero deposit fees.
  • 300+ financial CFD instruments.
  • Commission-free trading available.
  • Extensive educational materials.
  • Multilingual customer support.
  • High withdrawal and monthly inactivity fees.
  • Services only available within EEA (excluding Belgium) & Switzerland.

IC Markets

Regulated By:ASIC, CySEC, FSA(SC)

Foundation Year:2007

Headquarters:International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia

Min Deposit:$200

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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IC Markets was founded in Sydney, Australia, in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

The broker offers three core trading accounts called Raw Spread (cTrader), Raw Spread (MetaTrader) and a Standard Account (MetaTrader). Spreads start from zero pips on the Raw Spread accounts with commission-payable. The Standard Account offers commission-free trading with spreads from just one pip. The broker also offers demo trading accounts and Islamic swap-free accounts.

While the broker offers services and features designed for both beginner and professional traders, the company promotes themselves as the ‘go-to’ choice for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre – processing over 500,000 trades per day. The broker also offers additional trading features such as social trading integration with ZuluTrade and MyFXbook.

Pros: Cons:
  • Raw spread accounts with institutional grade liquidity available.
  • Commission-free trading available.
  • MetaTrader and cTrader available on desktop, web and mobile.
  • Wide range of tradable products with 24/7 customer support.
  • Impressive library of educational material and videos.
  • Beginner traders may be overwhelmed by the choice of markets and platforms.

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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72% of retail CFD accounts lose money

Plus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades.

You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 30:1. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK.

Pros: Cons:
  • Support for 2000+ products to trade across global markets,including Forex, commodities, shares, indices
    and cryptocurrency CFDs
  • No commission and low spread costs
  • Advanced trades and fast execution
  • Licensed in several regulatory hubs, and publicly listed
  • Only CFDs, no direct Forex trades
  • High rates on margin/leverage accounts
  • Less research data than some competitors

eToro

Regulated By:ASIC, CySEC, FCA, MiFID

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

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67% of retail CFD investors lose money

eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading. Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter what their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.

Pros: Cons:
  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
  • Spreads are higher than average
  • Does not have the MetaTrader platform

BDSwiss

Regulated By:BaFin, CySEC, FSA(JP), FSC, NFA

Foundation Year:2012

Headquarters:Apostolou Andrea Street 11, Hyper Tower, 5th Floor, Limassol 4007

Min Deposit:$100

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This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

BDSwiss was founded in 2012 and offers trading accounts regulated under the Mauritius Financial Services Commission and the Cyprus Securities and Exchange Commission.

Users can trade on more than 250+ financial CFD instruments covering Forex, Commodities, Cryptocurrencies, Indices and Equities, on 3 account types called Classic, VIP and Raw on the MetaTrader 4 and MetaTrader 5 trading platforms and the broker’s own BDSwiss Web Trader and BDSwiss Mobile App.

The broker also offers educational events via live analysis and educational webinars and seminars, as well as a beginner to advanced courses in its Trading Academy. Users can also access AutoChartist and live trading alerts via Telegram, depending on account type. Customer service is offered 24/5.

Pros: Cons:
  • Multiple regulations.
  • Commission-free trading available.
  • Access to raw spreads available.
  • Can trade on MetaTrader 4 and MetaTrader 5.
  • Best spread accounts require higher minimum deposits.

How to Choose a Forex Broker as a Portuguese trader

There is no global central marketplace in forex market which means every part of the world manages its online trading industry in a different way. Portugal, which has a healthy economy, is a ripe place for forex brokers that want to offer regulated brokerage services to clients. Portugal is big on consumer rights and as such the environment proves to be a healthy one for both local brokers and offshore ones offering their services into the country.  When you are looking for a Portuguese broker one of the first areas you should consider after regulation, is the overall customer service, does the broker offer its services in the local language? The broker should also offer a wide asset selection and good trading conditions. We’ll discover what that means later in this article.

General Regulation & Portuguese Regulation

Comissão do Mercado de Valores Mobiliários (CMVM) is the Portuguese Securities Market Commission for forex broker regulation. They are able to offer their licensed member brokers the ability to offer their services across the whole of the Eurozone, and likewise other European regulated brokers may offer their services inside Portugal. Ever since they came into existence in 1991, CMVM has been responsible for monitoring the conduct of every individual and firm that operates in the securities and financial markets. This established regulatory authority has complete supervisory and financial autonomy, when it comes to regulating the market’s various financial entities.  They take the matter of regulation very seriously, as their primary goal to is to keep local investors safe from unscrupulous dealings.

Trading Platform & Software

As a Portuguese forex trader, what are some of the trading platforms and software available to you? There are a number of different proprietary and turnkey software systems that Portuguese forex brokers provide for trading. Besides the standard MT4 program, there are also JAVA-based trading software available and software such as NinjaTrader. Platforms ideally should also include a web-based and mobile version.

Commissions & Spreads

When it comes to a broker’s salary, their income primarily comes from the commissions and spreads. There are some brokers that opt-out of receiving any commission and solely depend on a percentage of the spread, while other brokers will choose to receive a commission and a small percentage of the spread (this is the difference between the buy and sell price). It is important that you are aware of the risks of dealing with a wider spread, because it can greatly reduce the amount of profit you receive.

Account Types

Portuguese brokers will provide a variety of different account types. Some of the most accounts are:

  • Micro Account – Sometimes offered as a starter, practice account.
  • Mini Account – An account that is perfect for beginning traders;
  • Standard Account – The most commonly used trading account.
  • VIP Account – A favorite account for institutions and high-end traders. The conditions are normally better and include perks, such as free signals, withdrawal privileges and a free VPN service that will increase the platform’s speed

Customer Service

With forex trading, you can trade 24 hours a day. As such you would expect the benefit of having customer service around the clock and the ability to actually talk to a live person instead of an automated system. You would of course expect the customer care to be available in the Portuguese language.

Additional Services

Additional services include free trade alerts, an education center on trading, daily news and market analysis, plus an economic calendar. Other features might include a copytrading service and sometimes bonuses.

Conclusion

In order to have a fulfilling trading experience as a Portuguese trader, it’s important to first choose a reliable broker that offers you good conditions. Below we have outlined the very brokers that work within the Portuguese market.

Read More:

Trade With A Regulated Broker